Mohamed Andris, Director-General of Ethiopian Diaspora Service, called the diaspora to make Ethiopia a hub of interest free financial sector stating that reforms undertaken by the Ethiopian Government answered the requests of the diaspora. The Director-General’s speech was heard during the closing ceremony of the Eid-to-Eid Homecoming.

Speaking at the event, Finance Minister Ahmed Shide also related that as a result of the country’s reforms to ensure financial inclusion, several sharia based financial institutions had joined the market. The Minister called financial sector professionals to contribute their knowledge, finance, and know how and lend their hand in the financial inclusion efforts which were being undertaken in the country.

According to Solomon Desta, National Bank of Ethiopia’s Vice Governor for Financial Institutions Supervision, four banks have joined the interest-free financial services sector in Ethiopia.

ZamZam Bank is the first bank to get a license from the National Bank to operate as a full-fledged interest free bank in Ethiopia. The bank was established by 11,200 shareholders with a subscribed capital of ETB 1.6 billion and a paid-up capital of ETB 872 million.

Source (including image): Ethiopian News Agency; Additional source: ZamZam Bank